Working adult education company Strategic Education Inc (SEI), which owns for-profit online Strayer University and Capella University, has reported net income of $3.9 million for the third quarter of 2021, down from net income of $11 million reported for Q3 2020.
Revenue for the quarter increased to $270.1 million, up from $239 million reported for the third quarter last year.
The Herndon, Virginia-based company also announced results for the first nine months of 2021, reporting net income of $33.4 million, down from $80.4 million reported for the first nine months of 2020. Revenue for the nine-month period was $860 million, up from $760.2 million reported for the same period in 2020.
SEI chief executive Karl McDonnell said: “While conditions in the US higher education segment continue to be challenged due primarily to pandemic-related impacts, we are encouraged by strong performance in our alternative learning segment, and by the potential for reopening of the Australia borders for international students by the end of the year. We remain committed to the success of our students and to our mission to enable economic mobility.”
Date published: 4 November 2021